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Instant Access Charity Savings Account

Instant Access Charity Savings Account

Earn interest and grow your charity’s savings when you open an Instant Access Charity Savings Account. Get more flexibility and access your funds anytime. Whilst you earn interest, we will use your money to support organisations that deliver positive social impact in the UK.

Instant Access Charity Savings Account Features

Interest Rate
Minimum Deposit
Maximum Deposit
Interest Rate
2.00% AER* variable
Minimum Deposit
£1
Maximum Deposit
£10 million
  • Available to charities registered in either England or Scotland.
  • Easy access to funds with no penalties on withdrawals.
  • Interest will be applied to the Account quarterly, on the set quarter dates.
  • Manage your account via online banking or telephone banking.
  • Our UK based Customer Experience Team is here to assist you.

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we as a Bank fail to meet our financial obligations. In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website for the Finanacial Services Compensation Scheme.

 
why open fixed term savings account

Why open an Instant Access Charity Savings Account?

  • Start with as little as £1, suitable for charities of any size.
  • Saving that works for your charity, whether you want to make a lump sum deposit or add funds regularly.
  • Enjoy the flexibility to access funds with no penalties when you make withdrawals.
 

Open an Instant Access Charity Savings Account Today

To open an account, download and read the following documents, submit the completed application form, personal details form for all authorised signatory members and trustees of the charity, and other relevant documents required either by email at customer.experience@reliancebankltd.com or by post to “Reliance Bank, Faith House, 23-24 Lovat Lane, London EC3R 8EB”. Do not send us any funds until our team have contacted you to explain how funds can be deposited safely and securely.

Please Note: Reliance Bank uses your personal information to confirm your identity and assess your application when you apply for an account with us. We will only collect, process and store information about you in accordance with our Privacy Notice. For more details, please read our Privacy Notice.

Summary Sheet

  1. What is the interest rate?
    • Earn 2.00% AER* variable effective from 1st December 2024.
    • Interest will be applied to the Account quarterly, on the set quarter dates.
  2. Can Reliance Bank change the interest rate?
    • We may change any of the rates and charges detailed in this Important Information Summary.
    • We’ll notify you of any changes by post, email, or any other form of communication.
    • If we increase the interest, we’ll make details of the rate change available on our website within 3 working days of the change.
    • If we decrease the interest rate, we’ll let you know personally and give you at least 14 calendar days notice before we do so. If you are not happy with the change, you can at any time up to 30 days from the date we tell you about the change, close or switch your Account without paying any penalty or other charges. If you do not do so, we will consider that you have agreed to it.
  3. What would the estimated balance be after 12 months based on a £1,000 deposit?
    • On a deposit of £1,000, the estimated balance would be £1,020.32. This is based on the following:
    • Earn 2.00% AER* variable effective from 1st December 2024.
    • Interest will be applied to the Account quarterly, on the set quarter dates.
    • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
    • The interest rate as detailed in this Important Information Summary and doesn’t take into account any changes in the rate of interest over the 12 month period.
  4. How do I open and manage your account?
    • You can apply to open an Instant Access Charity Savings Account if you are a charity registered in the UK.
    • You can apply by completing an application form.
    • There is no minimum balance required to maintain the Instant Access Charity Savings Account.
    • The maximum balance that can be held is £10m. Accrued interest will be transferred into your current account. Please contact us if your request is above £10m.
    • You can manage your account on-line via our internet banking or by telephoning our Customer Service 020 7398 5400.
    • You can close your Instant Access Charity Savings Account at any time.
  5. Can I withdraw money?
    • You have unlimited access to your money.
    • You can withdraw funds by writing to our office or by digital banking.
    • Transfers can be made online via Faster Payments.
    • You can withdraw up to any amount from your Instant Access Charity Savings Account.
  6. Additional Information
    • Accounts can only be opened in the business name.
    • All interest on UK savings account will be paid gross** (without taking off tax).
    • You are covered under the Financial Compensation Services Scheme.
    • For more details on current interest rates and charges call us on 020 7398 5400.

Rates and information correct at 12/11/2024.

Definitions Explained
1. *AER
AER stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
2. **Gross rate
Gross rate means that credit interest is paid without income tax being deducted.

Frequently Asked Questions

An instant access charity savings account is a savings account designed exclusively for charities registered either in England or Scotland. Charities can open this account with as little as £1, with unlimited withdrawals and deposits. The account offers a variable interest rate, this means the interest rate may change based on market conditions.

Yes, you can make unlimited withdrawals from an instant access charity savings account without any penalties.

We refer to the interest rate as an AER, which stands for Annual Equivalent Rate. It illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different savings accounts. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can return from your savings over time.

At Reliance bank, interest on instant access accounts will be applied to the Account quarterly, on the set quarter dates.

The instant access charity savings account is available to charities registered in either England or Scotland.

You must submit the completed charity savings application form, personal details form for all signatory members and trustees of the charity, and relevant documents to support your application. Please contact our Customer Experience Team on 020 7398 5400 to get more details on the documents to be submitted.

 

 

Explore other Charity Accounts

Need Help?

For further assistance, please reach out to our Customer Experience Team at 020 7398 5400 or email us at customer.experience@reliancebankltd.com.

The Salvation Army

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.

We are proud to be the bank of The Salvation Army International. Find out more about our shared history.

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